Business
L.B. Foster Awarded $13.2 Million Contract to Supply Unique Direct Fixation Fastener to CTA
PITTSBURGH, Nov. 26, 2019 (GLOBE NEWSWIRE) -- L.B. Foster Company (the “Company”) (NASDAQ: FSTR), a leading manufacturer and distributor of products and
About this update from L.b. Foster Company
[{"type":"text","content":"PITTSBURGH, Nov. 26, 2019 (GLOBE NEWSWIRE) -- L.B. Foster Company (the “Company”) (NASDAQ: FSTR), a leading manufacturer and distributor of products and services for transportation and energy infrastructure, working in collaboration with general contractor Walsh-Fluor Design-Build Team (DBT), announced that it has been awarded a contract to supply direct fixation fasteners (DFF), rail, and other track materials for the Chicago Transit Authority’s (CTA) Red and Purple Modernization (RPM) Phase One Project, which will rebuild portions of the CTA’s Red Line and Purple Line. The $13.2 million contract will extend through 2022.\n The RPM project is the largest capital improvement project in the history of the CTA. According to the CTA, “…the much-needed capacity will be added in this growing residential corridor to accommodate current and future riders, and to deliver faster and smoother rides with less crowding and more frequent service.” Gregory Lippard, L.B. Foster Company Vice President, Rail commented, “The CTA provided a revolutionary specification for the DFF to challenge the industry to develop a novel fastener.” L.B. Foster’s Transit Products Division draws upon over 35 years of fastener development expertise to advance specialized product solutions to the market, meeting specific customer needs. “Our team designed, developed and tested a low-profile resilient DFF weighing less than 25 pounds per fastener, allowing for more ergonomic installation, while not sacrificing ride quality.” Per Jason Bowlin, L.B. Foster Vice President, Rail Products, “Throughout the process we were proud to partner extensively with Walsh-Fluor DBT to secure the job. Walsh-Fluor DBT is an experienced team of design-build rail transit infrastructure experts with a long track record of successfully delivering complex rail transit systems.” About L.B. Foster Company L.B. Foster is a leading manufacturer and distributor of products and services for transportation and energy infrastructure with locations in North America and Europe. For more information, please visit www.lbfoster.com. This release may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management's current expectations of fut...